Insurance is the thing which is necessary in every field, whatever the case; it may be your personal insurance, car insurance, family insurance and house insurance. Insurance may be look burden in the initial time when you are paying its installments but at the time you have some problem in insurance thing then in that case you will feel that how important role insurance can play. Suppose you are paying installments for your truck from last one year than in that case you will feel burden of insurance over you but let your car is stolen by someone or accident then you can claim your whole loss and in that case you will feel importance of insurance.
Importance of the insurance increases if you are in the industry of something which involve high risk and one of the common examples of this type is trucking industry with high truck loads available. As generally covers large distance or loaded by tones of goods so it may have problem anytime and if you have its right type of insurance then you can claim whole money every time you have problem. As truck travels in the night time generally so chances of the accidents increases, in that case also if you have third party insurance then you will have full claim.
Legal issues related to trucking insurance:
Now a day insurance of the truck and other vehicle is must just after you purchase your new vehicle or truck otherwise you can be thttp://blog.findfreightloads.com/wp-admin/post-new.phphe victim of laws. You can take help of any insurance company for your insurance but before that always check the background of that company. Does it pay a full claim to its customers or not, how much time it takes to pay your claim, otherwise once you have insurance then you can do nothing. Use an advice of the industry expert to be safe. Many load boards feature different insurance companies and their covers.
Primary Liability Insurance:
This type of insurance is must for the owner operator job; this insurance covers all types of accidents and takes care of the claims related to the injuries of your driver or other related person on the truck at the time of accident. The insurance cost varies and depends on the type of the truck means size and initial cost of the truck. It should be in the range of $70000 to $80000. Always keep in mind that your insurance should always be legal otherwise the other party lawyer may file sue against you. It is really going to affect drivers’ employment.
General Liability Insurance:
This type of insurance take care of the trucking companies, whatever loss you will have to your truck in the accidents, you can claim for that. It care about all types of accidents whether it is on the road, parking lots, some halt during the journey and such type of accidents. The cost of this type of insurance is generally higher than the previous one as the money involved in the claim may be very large and sometimes it may be equal to the cost of the truck.